The round robin bet may not be as popular or well-known as parlay betting, but perhaps it should be. Read below to find out exactly what is round robin betting, how a round robin bet works and how they can help you both win big and limit losses at sportsbooks.

Round robin bets are parlay bets with anywhere between 3-10 different combinations. You're essentially creating multiple two-team parlays with the hopes that any combination of the teams you select cover. A round robin differs from a parlay because you can still cash even if all the teams in your round robin don't cover - you'll just return less profit.

Again, with round robin bets you are making three seperate bets on each two-team parlay (this is the most common form of round robin). Let’s say a bettor likes the Jets, Eagles and Broncos in their NFL matchups. In this example these two-team parlays are created:

Let’s take a closer look at the above example to see how round robin bets work. Here are the three bets with NFL odds.

We are using point spread bets in this example but you can also use moneyline bets at , which has some of the best odds for NFL betting:

Instead of parlaying all three teams in one three-teamer, a round robin offers three, two-team parlays.

With standard odds for each game at -110, a payout on a two-team parlay on a $100 bet would be +264.

Parlay odds don’t change when using a round robin. With each side listed at the standard online sportsbook odds of -110, the odds for a two-team parlay come to +264.

One note: While combining multiple teams in a round robin parlay is done on one ticket, each parlay will appear as an individual bet. The key about a round robin bet is not every parlay must hit for the ticket to be a winner.

RELATED: Our Free Parlay Calculator

Round robin parlays offer a bigger top payout and a better chance to mitigate losses. But it’s not always the top choice.

A $100 bet on a three-team point spread parlay wager can win you roughly $600. A $100 wager on a three-team round robin costs you $300, but the payout is nearly $1,100. In straight bang-for-your-buck, a traditional parlay is better.

In order to win a round robin bet, each leg of the round robin must hit – similar to any parlay bet.

If all three teams you chose are winners, round robin payouts would be larger than a single three-team parlay.

Three-team parlay

Three-team round robin

$100 bet, -110 odds -- $992 profit

While the profit potential is clear, there is one notable round robin drawback as a betting option.

A $100 bet on a round robin parlay means each leg of the round robin is $100. So in a three-team round robin bet, the actual bet total is $300, as opposed to $100 on a standard three-team parlay.

The reward is considerably higher for the bettor, but the risk rises, too.

Round robin bets have become a mainstream betting option for most legal sports betting sites. It is, of course, critical you choose the right online sportsbooks. Bookies.com is the leading resource for bettors of all levels and the go-to site to ensure you’re sending your money to the right places.

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To place a round robin bet, select the bets you want to be a part of the wager and they will populate on your sportsbook’s bet slip. Click on “round robin” and then fill in the stake, which will apply to each of the multiple bets that make up a round robin. You will see your total stake and your total potential return.

If you find multiple bets on the odds board worth grabbing, a regular parlay has appeal. But one missed pick and the parlay wager is a loss. That’s not the case with a round robin bet. If you have a four-team round robin and three of the teams cover, you still finish the bet on the plus side.

Round robins typically take a larger investment than traditional parlays, but it also increases potential profit while lessening the chance of a total loss. Round robins also offer the opportunity to hedge and minimize losses. Hedging involves picking the other side of a wager. While it lessens potential over profit, it can also help to mitigate losses. Do it right and you can ensure a profit.

Up to 10 teams can be included in a round robin but each team added involves adding more bets and thus the investment can rise dramatically. Larger round robins bets can also include more than two teams per leg, but the best strategy is to keep all round robin parlays to two teams apiece.

But if you go 2-1 on your parlay picks, you lose your parlay and your $100. If you go 2-1 in a round robin your payout is $528 on a $300 investment. You’d still finish with a nice profit. A 1-2 day on a round robin pays out at $264 – in the red (-$36) but not as much as losing that $100 parlay.

Here is a look at the most-common round robin parlay sizes, and how many bets each actually entails: